Blow me over with a feather. The Chinese economy is sagging. First, manufacturing:
In terms of enterprise scale, the PMI of large enterprises was 50.3% , a slight decrease of 0.1 percentage point from the previous month , but still above the threshold; the PMI of medium-sized enterprises was 48.6% , a decrease of 1.1 percentage points from the previous month , which was below the threshold; small businesses The PMI was 47.5% , the same as last month, and below the critical point.
From the perspective of sub-indices, among the five sub-indices that make up the manufacturing PMI , the production index, new order index, raw material inventory index, employee index, and supplier delivery time index are all below the critical point.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
